SEBI Seizes Bank Accounts of Shilush Trading Pvt Ltd, Citing ₹5.21 Lakh Dues in Illiquid Stock Options Case
SEBI has issued a critical recovery order, attaching all bank accounts and related assets belonging to Shilush Trading Private Limited. The action stems from outstanding dues concerning Illiquid Stock Options, marking a significant regulatory enforcement step against the company.Regulatory Attachment of Assets Against Shilush Trading
The Securities and Exchange Board of India (SEBI) has formally attached all existing accounts and financial instruments held by Shilush Trading Private Limited. This directive follows the issuance of a Recovery Certificate No. 9116 of 2026, dated May 15, 2026.The attachment order stipulates that no debits shall be made against these specified accounts to cover the total outstanding amount until further instructions from the designated Recovery Officer. However, any credits received into the accounts are permitted to proceed as normal.
Breakdown of Dues and Penalties
The recovery action is focused on recouping a total sum of ₹5,21,000/- owed by Shilush Trading Private Limited. The dues detailed in the notice include various components related to the stock options matter.The primary component consists of a penalty imposed by the Adjudicating Officer under Order No. Order/JS/DP/2025-26/32110, totaling ₹5,00,000/-. This is supplemented by Interest amounting to ₹20,000/- calculated from February 13, 2026, to May 15, 2026, at a rate of 1% per month.
The remaining small amount, ₹1,000/-, accounts for the recovery costs associated with these proceedings. The total liability amounts precisely to ₹5,21,000/-.
Mandates and Directives Issued by SEBI
Under Section 28A (1) and 11(2)(ia) of the SEBI Act, 1992, and relevant sections of the Income Tax Act, 1961, this notice mandates action from all concerned banks in India. The Principal Officer, CEO, or Chairman of all financial institutions is directed to execute the attachment immediately.The company's bank accounts and lockers are subject to this attachment order, along with any other amounts due or held by the defaulter. SEBI further requires banks to provide detailed confirmations regarding these attached accounts.
Banks must submit details concerning all Accounts and Lockers held by Shilush Trading Private Limited. This includes providing account statements for the latest one year period and comprehensive details of all loan/advance accounts, including collateralized assets.
This regulatory enforcement underscores SEBI's continuing vigilance over compliance matters related to Illiquid Stock Options. The notice serves as a formal direction not to receive or recover any proceeds from the attached accounts until further orders are issued by the Recovery Officer.
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